British video game developer Frontier Developments PLC (LON: FDEV) booked impressive fundamentals for full year 19.
The Company’s revenue jumped 162% on a year-on-year comparison, from £34.2 million to £89.7 million. This drove operating profit growth of 593%, up from £2.8 million to £19.4 million, and EBITDA growth of 209%, up from £9.4 million to £29.0 million. Frontier Developments added that their basic EPS rose 373%, from 9.6p to 45.4p.
The Company attributed much of its progress to its biggest release to-date. Jurassic World Evolution was released in June 2018 to compliment the release of the Jurassic World: Fallen Kingdom film. The game sold a million copies in the first five weeks, and two million within seven months. Planet Coaster, Elite Dangerous and Planet Zoo – released in November 2016, December 2014 and November 2019 respectively – all progress as the Company’s major releases.
Frontier Developments comments
David Braben, Chief Executive, said,
“I am delighted to report a record level of financial performance, which reflects the skill and hard work of our talented team and the support of our players around the world. We continue to nurture and enhance all three of our existing titles (Elite Dangerous, Planet Coaster and Jurassic World Evolution), and I look forward to the release of our fourth highly anticipated game, Planet Zoo, later this year.”
“Earlier in 2019 we celebrated our 25th anniversary as a company, and while I am very proud of all of our achievements to date, it feels like we are at the start of our journey. The opportunities we have now are better than ever. I am more excited about our future, our next 25 years, as a result, as we continue to expand our horizons and grow our portfolio, our team, and our partnerships.”
After a slight recovery, the Company’s shares are down 6.28% or 70.00p to 1,044.00p a share 04/09/19 13:59 BST. Peel Hunt and Shore Capital analysts reiterated their ‘Buy’ stance on Frontier Developments stock. The Group’s p/e ratio is 116.04, their dividend yield is unavailable.
Elsewhere in the tech sector, there were updates from; Gamma Communications PLC (LON: GAMA), Maintel Holdings plc (LON: MAI), Bigblu Broadbend PLC (LON: BBB), Avanti Communications Group PLC(LON: AVN), Maestrano Group (AIM: MNO), Vitec Group plc (LON: VTC) and TT Electronics (LON: TTG).